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A meeting of the Board of Governors of the Federal Reserve

8Yatena was held in Washington on Wednesday, June 14, 1939, at 2:30

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. Draper

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Clayton, Assistant to the Chairman

The action stated with respect to each of the matters herein-

referred to was taken by the Board:

The minutes of the meeting of the Board of Governors of the

Ilederal Reserve System held on June 13, 1939, were approved unanimously.

Letter to Mr. Merritt, Chairman of the Federal Reserve Bank of

reading as follows:

"Referring to your letter of June 8, 1939, the BoardOf Governors approves the appointment of Mr. E. B. Stroudas lirst Vice President and General Counsel of your bankfor the unexpired portion of the term of office endingFebruary 28, 1941. The Board also approves the paymentof a salary at the rate of a5,000 per annum to Mr. Stroudfor the period from June 16, 1939, to December 31, 1939.

"In connection with Mr. Stroud's appointment, it isnoted that the contract under which Locke, Locke, Stroudand Randolph have been serving as your bank's counsel willbe terminated as of the close of business June 15, 1939.It is further noted that Mr. Stroud will enter into anagreement with his firm to the effect that he will notParticipate in any of the earnings of the firm accruingafter June 15, 1939, and that the firm will have no callUpon Mr. Stroud's services thereafter, except in connec-tion with pending matters and unfinished business withrespect to which his assistance in winding them up is

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"regarded as necessary but which will not require his pub-lic participation in the trial of any law cases. In viewof the circumstances set forth in your letter, the BoardOf Governors interposes no objection to your bank's grant-ing Mr. Stroud a reasonable length of time in which towind up his relations with his firm.

"The Board also notes that effective at the close ofbusiness June 15, 1939, Vice President and Cashier Colemanwill be relieved of his duties as Cashier of the bank butWill continue as a Vice President and will, in the re-arrangement of the duties of the official staff, be as-signed other duties in lieu of those of which he is beingrelieved.

"The Board approves the payment of a salary to Mr.1!:. O. Ford, Cashier, at the rate of B,5OO per annum forthe period June 16, 1939, to December 31, 1939.

"The Board also approves the payment of a salary toMr. Mac C. Smyth, Assistant Cashier, at the rate of ;!4,80°Per annum for the period from June 16, 1939, to December31, 1939.

"It will be appreciated if you will furnish the Boardwith two copies of the revised organization chart of thebank.“

Approved unanimously.

Memorandum dated June 12, 1939, from Mr. anead, Chief of the

Lilrision of Bank Operations, submitting two letters dated June 7 from

•Martin, President of the Federal Reserve Bank of St. Louis, which

l'eq4ested approval by the Board of changes in the personnel classifica-

t104 Plan of the bank to provide for the creation of the new positions

"I emittance Clerk" in the Reconstruction Finance Corporation and

00Ilateral and Collection Department, and "Sorting Teller" and -,,tatis-

ti"1 Clerk" in the Money Department; for the discontinuance of the

INIsition of "Clerical Supervisor" in the Money Department, for a change

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la the maximum annual salary for the position of "General Clerk" in

the Reconstruction Finance Corporation and Collateral and Collection

Department and for certain minor changes in the description of work

tor four positions and a change in the title and description of work

fcr one other position. The memorandum stated that the proposed

changes had been reviewed and recommended that they be approved.

Approved unanimously.

Letter to the Comptroller of the Currency requesting that he

Piece en order with the Bureau of Engraving and Printing for printing

7'378,000 sheets of Federal Reserve notes during the fiscal year ending

.11rie 30, 1940, in the amounts and denominations for the respective

l'ederal Reserve banks as set forth in the letter.

Approved unanimously.

Thereupon the meeting adjourned.

Chairman.

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